t=0N(t+t)COR1=(1+MmRx)xNCW(1+t)x1PVcosts=(1+MirR)2TV While the IAR's reinvestment rate assumption is the IRR, the MIRR's reinvestment rate assumption is the project's As a result, the MIgR is generally a bettec indicator of a project's true than IRR. Unilke the IRR, there can be more than one MIRR, and the MIrR can be compared with the project's projects, the NPV, 1PR, and MIRR always reach the same acceptrreject conclusion; so the three criteria are equally good when to accept or reject projects. Foe evaiuating projects. If projects are mutually exdusive and they dffer in size, conflicts in project acceptance best decision method because it selects the project that moximues firm value. Quantitative Problem: Bellinger Industries is considering two projects for inctusion in its capital budget, and you have been asked to do the analysis. Both projects' after-tax cash flows are shown on the time line below. Depreciation, salvage values, net operating working capital requirements, and tax effects are all included in these cash flows. Hoth projects have 4 -year lives, and they have risk characteristics similar to the firhi's average project. Bellinger's Wacc is 8%. What is Project X'S MInR? Do fot round intermeoiate caccuovons: kouhd your ansaer to two decimal places. What is Prolect Brs Mina? Do not round intermediate calculations. Round your answee to fwo decinal places. If the arojects were indesendent, which project(b) would be accepted according to the MtRR method? If the projects were mutually exckisive, which project(s) would be accegted accoraing to the Milis method